Trump May Not Have to PayNew York State After All
Donald Trump is hoping to hold off the civil fraud cause payment with a bond until he can get a ruling in his favor.
Donald Trump hates to lose, and he is pulling out all the stops to try to win the civil fraud case that has been brought against him by the state of New York.
On Monday, he posted a bond of $175 million, and that has in effect stopped the state from collecting the money he owes and snatching up many of his assets.
Trump is required to pay the state $454 million after he lost the civil fraud suit that claimed he lied to banks and creditors about the value of his assets for years. The suit allows the state to collect the full amount of the civil case ruling from Donald Trump. Since the former president does not have enough money on hand to pay off the debt, many of his assets are in danger of being seized. This includes properties that Trump owns.
That bond had to be posted within 10 days of the case decision for the seizure to be held off. The original amount of the suit was cut already, and the bond will serve as a placeholder to delay any seizure of assets and the requirement to pay the suit amount in its entirety.
Trump’s legal team is trying to have the suit completely dismissed, with the bond to keep Trump from having to pay any more money for now. If their attempt to dismiss the suit is upheld, then Trump will be refunded the interest of the bond. If he loses, then he will have to pay all of the sum, plus the accruing interest. Interest on the sum is added each day.
Trump’s Truth Media Stock Plunge
Meanwhile, Trump’s social media platform Truth is having a tough time at the stock markets. Likely a result of the civil fraud suit, the stock price for the platform dropped considerably this week, losing about $4 billion in market value.
The platform launched its stock and became public just last week. It continues to hemorrhage value in a sluggish market where inflation is high and economic data is looking less than promising. Upcoming economic reports for ADP and Nonfarm Payrolls may not help the market move much and may continue to paint a dreary picture of high inflation rates.
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